Binance, the world’s leading cryptocurrency exchange, has announced that it will be performing wallet maintenance for The Open Network (TON) on August 26. During this time, TON deposits and withdrawals will be temporarily suspended. The maintenance is expected to last for about two hours, after which all services will resume. However, it is important to note that trading of TON tokens on the platform will remain unaffected. Binance has assured users that they will handle all technical requirements during this process.
Earlier this month, Binance introduced trading pairs involving Toncoin (TON), the native cryptocurrency of The Open Network. This move contributed to the recent price rally of TON, with the altcoin spiking by approximately 10% in a 24-hour period and reaching $6.40. This surge in price comes on the heels of TON’s impressive performance in the market, with a price rally of over 190% since the beginning of the year.
TON’s impressive rally began in late February when Pavel Durov, the CEO of the messaging application Telegram, announced that the platform would start sharing 50% of ad revenue generated on Telegram channels with channel owners in Toncoin. This announcement created a positive market sentiment around TON, leading to its exponential growth in value. As a result, TON has become one of the top 10 biggest cryptocurrencies, overtaking Cardano (ADA) in terms of market capitalization.
In April, the Ton Society, a community-driven entity linked to The Open Network, partnered with the AI company HumanCode. This collaboration incentivized users to adopt HumanCode’s palm-scanning technology by offering one million TON tokens. This strategic partnership helped TON solidify its position in the market and attract more users to its platform.
Recent Price Movements
While many leading cryptocurrencies experienced a correction in the first half of June, TON continued its upward trajectory, reaching a new all-time high of around $8.18. Although the price saw increased volatility in July, TON has since settled at around $6.60. Despite these fluctuations, TON remains a strong contender in the cryptocurrency market, with a promising future ahead.
Binance’s decision to temporarily suspend TON deposits and withdrawals for wallet maintenance underscores the platform’s commitment to ensuring the security and reliability of its services. TON’s recent price rally and market performance point to a growing interest and adoption of the cryptocurrency, signaling a positive outlook for its future growth and development. As the cryptocurrency market continues to evolve, TON stands out as a promising player with significant potential for further expansion and success.
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